Newsletter Features
ATO Compliance Focus for 2011/12
The Australian Taxation Office recently released its Compliance Focus for the new financial year. The Compliance program expresses the ATO’s particular concerns and their plans to combat them, with a focus on tax and superannuation compliance. A number of their concerns may implicate small business owners, and these are listed below.
Land Taxes Levied 31 December
Land tax is a tax levied on the owners of land in NSW as at midnight on 31 December of each year. In general, your principal place of residence (your home) or land used for primary production (a farm) is exempt from land tax. If you own property other than your principal place of residence or primary production land, and the combined value of this land is greater than the land tax threshold, you will need to register for land tax.
Due Diligence in Occupational Health and Safety
Under Section 8 of the Occupational Health and Safety Act 2000 (OHS), all employers have a duty of care to their employees. The most effective way of meeting this duty of care is to integrate health and safety concerns into your planning and implementation strategies. All employers are required to take ‘due diligence’ in the workplace. At its most basic, that simply means that you take care.
What Does Bankruptcy Really Mean?
In the September quarter of the year alone, Australia saw 5,677 new bankruptcies. Bankruptcy occurs when an individual does not have enough money or assets to pay their debts, and is entered into by a formal process. Only individuals can be declared bankrupt – when a company enters a similar state it is termed ‘insolvent’ and may face liquidation.
Taking the Next Big Step - Is Franchising for You?
Franchising has become one of the most progressive and dynamic business sectors in Australia. With estimated revenue of $128 billion in 2010, franchising has become a significant part of the Australian business scene and a valuable contributor to our economy. If you are thinking about going into business for yourself, but aren’t sure whether you should attempt it on your own or buy a franchise business; then you need to weigh up all the important factors before you make any decisions.
Christmas Functions and Fringe Benefits Tax
Christmas is slowly creeping up on us and most of the annual party preparations are underway. As business owners start making decisions about events for clients and employees, an important issue to consider is the possible fringe benefits tax that may be applicable when providing ‘entertainment’ to staff.
Considering a Trust?
A trust is an entity where a person (trustee) holds and governs property or other assets guided by the terms of a trust deed for the gain of another person or persons – the beneficiaries of the trust. A trust is not a separate legal entity like a company. All transactions in respect of the trust are undertaken by the trustee. Consequently, a transaction entered into by the trustee is a personal obligation.
How to Price your Services
Pricing services is more difficult than pricing products because while you can often pinpoint the exact cost of making a physical product, it’s much more subjective to calculate the worth of a service that incorporates advice, expertise or time. However, you are able to use some of the same underlying pricing guidelines to fi gure out your costs and operating expenses plus your target profit when setting your price for services. Don’t undervalue or undermine your work, but set it at the premium it deserves.
Christmas Promotions for your Business
With the countdown to Christmas well underway, ‘tis now the season to be jolly and also make a decision about your business’s Christmas promotions. When it comes to promotional Christmas gifts our best advice is to select gifts that work through the whole period – those that will create goodwill in the run up to Christmas and also see your company promoted throughout the New Year. Listed below are some of our favourite ideas:
Government Benefits for your Family
With the rising costs of living and increased work commitments being faced by parents and guardians in today’s environment, raising and maintaining a young family in Australia can be a difficult task. The Australian Government recognises the increased costs associated with families by providing financial support through various benefits, to assist with the costs of raising children. It is important that you are aware of these available government payments to ensure you receive all the payments and financial assistance you are entitled to.
